Prime Minister Imran Khan has said that Pakistan has the lowest tax collection rate in the world which have devastating consequences on development.
According to details, Prime Minister Imran Khan today inaugurated the country’s first instant digital payment system.
Addressing the function, PM Imran Khan said that out of 220 million people in the country, only 2 million people pay taxes, out of which only 30,000 people pay 70% tax.
Imran Khan said that due to the low tax collection rate in the country the pace of the development process was quite slow fast because there is no money for development, the government cannot spend more money on the development due to low tax collection rate.
The Prime Minister also said that the current account went into surplus in five months while the current account surplus strengthened the Pakistani rupee and the rupee strengthened against the dollar due to record remittances.
Imran Khan said that there are many financial difficulties due to non-payment of taxes. Prime Minister Imran Khan said that digital payment system program is a significant step which will help in eradicating poverty.
Prime Minister Imran Khan further said that the aim of Digital Pakistan Vision is to make the poor participate in economic activities, eradicate poverty through the Ehsas program while the lower classes can also be included in the development of the country.
Addressing the function, Governor State Bank of Pakistan (SBP) Dr Reza Baqir said that Overseas Pakistanis have so far opened 70,000 bright digital accounts and the direct system will also help in eradicating corruption.
Governor SBP Reza Baqir further said that the digital system would make financial transactions secure and transparent while the system would eliminate unnecessary delays and difficulties in government payments and the new system would also benefit banks and financial institutions.